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EUR/USD: Pressure Builds On 1.1459 Zone

EUR/USD: Pressure Builds On 1.1459 Zone

EUR/USD: Having EUR close strongly higher the past week, it now looks to extend that strength towards its key support zone at 1.1459. We may see price hesitation at this level or even a pullback. Support lies at the 1.1300 level where a violation will aim at the 1.1250 level. A break of here will aim at the 1.1000 level, with a turn below that level targeting the 1.1250 level. Conversely, resistance is seen at 1.1400 level, with a cut through here opening the door for more upside towards the 1.1459 level. Further up, resistance lies at the 1.1500 level, where a break will expose the 1.1550 level. Its weekly RSI is bullish and pointing higher, suggesting further upside pressure. All in all, EUR remains biased to the upside on recovery, but should turn lower at or ahead of the 1.1459 level on price failure.

EUR/USD Weekly Chart

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